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Capitalism: Decline and Fall

In: Sidney and Beatrice Webb

Author

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  • David Reisman

    (University of Surrey
    Nanyang Technological University)

Abstract

As economic historians, the Webbs traced the evolution of (British) capitalism from the industrial revolution to their own times. Warning against overconfidence, they nonetheless extrapolated the trends into the future. In the spirit of Marx and Spengler, they identified systemic contradictions which would lead to the supersession of the status quo by what they expected to be state socialism. The threat to capitalism would come from inequality, poverty, unemployment, the managerial revolution, macroeconomic imbalance and marginal consumables. Trivial in themselves, purchased largely because of want creation, they remain essential to sustain the process of demand-led growth. The chapter shows that the Webbs expected the transition to be gradual and democratic, in line with the British national character. It was already being signposted by union membership, support for the Labour Party and the expansion of the welfare services.

Suggested Citation

  • David Reisman, 2022. "Capitalism: Decline and Fall," Great Thinkers in Economics, in: Sidney and Beatrice Webb, chapter 0, pages 193-220, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-3-031-10008-6_11
    DOI: 10.1007/978-3-031-10008-6_11
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